Not rational
July 1, 2010 | Arizona, industry | Comments (2)This story is disturbing. The eagerness with which some people await the closing of payday lending stores in Ariziona is beyond rational. They don’t even seen to want lenders to try other services. This is ideology masking itself as policy. It’s emotion masking itself as seriousness.
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How could a loan have been “usurious” if the rate was authorized by law?
I posted this comment on “Payday lenders may haunt us…”:
“Let’s apply the same criticisms that are leveled against payday lenders to newspapers. How many struggling businesses, desperate for customers, are tempted to take out hugely expensive display ads and keep running them, over and over again, as their financial condition worsens until they eventually file for bankruptcy? Does the Arizona Daily Star check to make sure these people can afford the ads they are buying? No, you say? Then I guess that makes you ad sharks, doesn’t it? So what we need is to place a cap on the amount that newspapers can charge for advertising, something like $36 per column inch. Put you out of business, you say? Who cares, anymore than you care about putting payday lenders out of business and making their emergency loans for people with bad credit unavailable to those who will miss them and possibly suffer dire consequences as a result.
Yes, the people you have defamed and robbed of their freedom will haunt you for a long time to come.”